Next to the Chevy Camaro, the Ford 2010 Mustang Shelby GT500 is the year's most anticipated performance car. With our VBOX test gear in hand, we headed to Infineon Raceway in Sonoma, California to find out if this latest, $48,175 fire breather has the goods.

Sonoma, CALIF.—Next to the Chevy Camaro, the Mustang Shelby GT500 is the year's most anticipated performance car. With a 540-horsepower supercharged V8, new suspension, and the "Shelby" name plastered across the trunk, the hottest Mustang promised not only strong performance, but an exciting driving experience as well. We were naturally skeptical, considering that the last model couldn't be confused with a driver's car. So with our VBOX test gear in hand, we headed to Infineon Raceway in Sonoma, California to find out if this latest, $48,175 fire breather has the goods.

The Specs

We've already covered the basics of the car here and sat down with the engineers for a tech deep dive of the suspension, but for those not familiar with the GT500, here's a brief overview.

As the top rung of the Mustang ladder, the GT500 eschews the Mustang GT's 315-hp 4.6-liter V8 for a supercharged 5.4-liter version. This engine has been around for while, but thanks to less exhaust back pressure, a cold-air intake, and a subtle recalibration, the motor now makes 540 horsepower—30 more than before. Despite the extra power, the GT500 is slightly more fuel efficient, garnering a 2 mpg improvement on the EPA highway cycle, to 22 mpg. For sure, it's still a thirsty car (The base price includes a $1000 gas-guzzler tax), but this much power doesn't come for free.

The GT500 should feel even more lively thanks to a shorter rear-end ratio (3.55:1 versus 3.31:1). To ensure that the new rear end won't make the car too busy on the highway, the engineers made the top two gears of the six-speed manual transmission—it's the only available gearbox—taller. They also revised the linkage, for shorter, quicker throws.

Quicker is also a good way to describe the goal of the new suspension. With stiffer springs, new shocks, and tweaked anti-roll bars, the engineers set out to make the GT500 cut into corners precisely and with less body movements. The tires are Goodyear Eagle F1's specifically designed for the car. The rear tires use two belts instead of three to maximize the contact patch during acceleration and revised the tread pattern for larger, stiffer blocks. They also specified two different suspension calibrations for the coupe and convertible versions. Thinking that the drop-top buyer would favor cruising comfort over outright performance, the engineers equipped the softtop model with slightly softer suspension and it uses 18-inch wheels instead of the coupe's 19-inchers.

Like the standard Mustang, the GT500 benefits from the recent reskin. Of course, there are plenty of unique bits on the Shelby version. The aluminum hood sports functional air extractors. A new front air dam and rear spoiler altered the aerodynamics for better high-speed stability. And there's the Cobra badge on the grill, which was moved from the right side to the left to allow a clear air path to the cone-style air filter.

Inside, the GT500 has sewn-in stripes on the seat that match the color of the body stripes. A programmable shift light resides in the tachometer. There's also the world's most perfect shifter, a round white cue ball that fits perfectly in your hand, and a dimpled dash cover that tries, but fails, to resemble machined metal. For techno geeks, Ford's excellent SYNC system is standard and the vibrantly colored navigation system is optional.

The Drive

Before we hit the test track, we got a chance to drive the GT500 on the mountain roads near Sonoma. The byways were mostly smooth, tight, twisty, with an occasional abrupt dip.

On these terrific, sports-car roads, the GT500 simply shined.

There's a certainty to the car's handling that was missing before. It cuts into corners confidently, crisply, and holds the line with a reassuring surefootedness. We felt like we could drive right up to and over the edge of the tire's grip. While the nose does dive fairly dramatically under braking, the body barely leans over in the turns, and the rear tires, which are wider than the fronts, easily transferred all the engine power to the road. We were driving as hard as we would in a much less powerful car, feeling every bit as confident.

Of course, we could be more aggressive since there's a stability control system, but we rarely felt it engage. And it's not intrusive, but more like a gentle nudge to tell you that maybe you're going a bit too quick.

This confident handling wasn't achieved by sacrificing the visceral thrill we want in a pony car. They've quieted the supercharger, so the wonderfully burbly exhaust is more audible. The steering is quick and light, but void of slop. The twin-plate clutch is now much lighter and it engages smoothly, a perfect ally to that cue-ball shifter and the well-defined gates it engages. The brakes are always reassuring and the pedal is close enough to the throttle for easy heel-and-toe work.

Any faults? Well, the ride may be a bit stiff for some. The suspension dispatches dips and bumps extremely quickly, allowing little body movement, but it does walk on the harshness line. Personally, we wouldn't change it, but buyers should expect to be tossed around. It is, after all, a performance car.

When we finally got the track, the conditions were far from perfect. A stiff head wind that gusted to over 20 mph, blew straight down the dragstrip. So our acceleration times are not perfect indicators of what the GT500 can do. Still it was quick, dispatching 60 mph in only 4.55 seconds and trouncing the quarter mile in 12.63 seconds at 113.25 mph. On a calm day, it's easily many tenths faster. We also tried the GT500's standard launch control system. It's always engaged and allows impressive burnouts, but we found it slower by a tenth or two. For those unplanned stoplight races, however, it's terrific.

The braking, as expected, wasn't effected by the wind and the GT500 hauls down from 60 mph in only 114.42 feet. The GT500's lateral grip is terrific as well, pulling 0.96 g.

The Bottom Line

So now we know that Ford has a Mustang that can outrun Chevy's new Camaro SS. Unfortunately, the GT500 costs over 15 grand more. Besides the price, we have only one more problem with the car—the dash covering. It's supposed to resemble metal, but the pattern is pure polka dot. It looks like the designers copied a fifties-era party dress. Are we being too picky? Maybe, but they got so much else right, the dash sticks out. And for nearly 50 grand, perfection isn't too much to ask for.